A view of the Reko Diq hills. Reuters/File
The Tethyan Cooper Company (TCC) has approached the High Court of Justice in the British Virgin Islands for the enforcement of the $5.97 billion award against Pakistan by the International Centre for Settlement of Investment Disputes (ICSID) in the Reko Diq case.
The office of the Attorney General for Pakistan, however, has assured that Pakistan is vigorously contesting these proceedings using all available legal resources. The government is also engaged to settle the matter amicably.
On November 20, the company had moved the high court for the enforcement of the award which includes attachment of the assets belonging to the Pakistan International Airlines Investment Ltd (PIAIL) a company which is also incorporated in the British Virgin Islands.
Not too far from the besieged government, bright stars of the private sector are carefully preparing to dig their heels deeper in the business landscape of Pakistan.
In the midst of a historic health crisis, besides negotiating mounting political, economic and diplomatic pressures, Prime Minister Imran Khan’s government is struggling to deal with the embarrassment and hefty fine in a case that Pakistan lost to Tethyan Copper Company (TCC) in the International Centre for Settlement of Investment Disputes (ICSID). National Resource Ltd (NRL), however, has occupied itself with a singular purpose: to shape up and secure rights to harness mineral wealth in Balochistan. Open to a whole gambit of ideas, the company is all set to bet multi-billion-rupees to try its luck at Reko Diq gold and copper mines in the restive province.
Mining firm moves Virgin Islands court for enforcement of Reko Diq award against Pakistan - Business dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
Pioneering Solar Power Plant to Take off in Uzbekistan with World Bank Group Support
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TASHKENT, December 22, 2020 – The World Bank Group, Abu Dhabi Future Energy Company PJSC (Masdar), Asian Development Bank (ADB) and the Government of Uzbekistan signed today loan and guarantee agreements to finance the first 100-megawatt solar photovoltaic power plant in the country, in support of its efforts to produce clean energy, strengthen the security of supply and combat climate change.
The International Finance Corporation (IFC) and ADB are providing up to $60 million in the financing of the project which will be the first large-scale, privately developed and operated renewable energy facility in Uzbekistan. The European Bank for Reconstruction and Development (EBRD) is providing an equity bridge loan to Masdar to fund the equity needs of the project. Meanwhile, the World Bank is providing a $5.1 million payment guarantee for the Government of Uzbekistan to backstop the payme
The story of Direct Foreign Investment in Pakistan and Turkish companies in Punjab
December 22, 2020
Lahore, Pakistan: One can find a number of news in Pakistani media in which you can read that Prime Minister of Pakistan Imran Khan has a vision of enhancing Direct Foreign Investment (DFI) in Pakistan.
PM Imran Khan is firm that Pakistan is one of the best destinations in the world for foreign investment. He has directed Pakistani missions abroad to pitch Pakistan as the best destination for Investment in the region.
When things come on the ground between Pakistan and Turkey then the situation is usually otherwise